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What’s happening: During the COVID-19 pandemic, e-commerce spending rose, but today growth rates are slowing as customer behavior returns to pre-pandemic levels – reversing a hiring spree that surged in the last few years. The technology sector announced 97,171 job cuts in 2022, up 649 percent compared to 2021. And so far in 2023, several more layoffs have been announced across the sector. According to Michael Burke, Aon’s CEO of Human Capital Solutions, “If headcount reductions really are necessary, they need to be looked at holistically and with added consideration for future needs and potential, as well as its impact on diversity and inclusion.”

Building and maintaining a resilient workforce helps businesses navigate increasing volatility:

• An organization is only as resilient as its people, and employee resilience is being tested. To navigate these pressures, protect revenue and hit growth targets, business leaders are focusing more on workforce resilience and their people strategy. Check out insights from Aon on maintaining employee wellbeing amidst the “Great Resignation” here.
• In Aon’s survey of more than 800 C-suite and senior executives, 66 percent have increased prices. Yet, these same confident leaders are resisting the impulse to slow hiring or delay capital investment compared to their less-prepared counterparts – 54 percent of less prepared leaders have slowed or frozen hiring and 32 percent have laid off employees. Learn more.
• The COVID-19 pandemic significantly contributed to the increased emphasis on employee wellbeing. Now, economic factors like inflation and the possibility of a recession are raising employer awareness of the need to support their workforce. Aon’s 2021 Global Wellbeing Survey found that employee burnout and anxiety are among the top five risks affecting company performance. Read more in Aon’s The One Brief.
• Tune in to episode 26 of the “On Aon” podcast for a discussion about wellbeing at Aon and how programs and benefits promote colleagues’ mental health and wellbeing.